Essay
Use the graph shown to answer the following questions.Put the correct letter in the blank.
a.The elastic section of the graph is represented by section _______.
b.The inelastic section of the graph is represented by section _______.
c.The unit elastic section of the graph is represented by section _______.
d.The portion of the graph in which a decrease in price would cause total revenue to fall would be _________.
e.The portion of the graph in which a decrease in price would cause total revenue to rise would be _________.
f.The portion of the graph in which a decrease in price would not cause a change in total revenue would be _________.
g.The section of the graph in which total revenue would be at a maximum would be _______.
h.The section of the graph in which elasticity is greater than 1 is _______.
i.The section of the graph in which elasticity is equal to 1 is ______.
j.The section of the graph in which elasticity is less than 1 is _______.
Correct Answer:
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a. A
b. C
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Correct Answer:
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b. C
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